Market Research Essay

The first step is to identify your product; you can do this by creating a customer profile of your target market. If your target audience is a consumer you should determine your customers age, gender and income level of your audience. If your target audience is businesses you should determine company size, industry, and number of employees. Conducting a market analysis and being in sync with your customers’ wants and needs is a lot of work but it is worth it in the long run. Knowing where your consumers are coming from gives you the tools to correctly identify how they will react in your market.

Market Research - Concept: Market research is the process of gathering, analyzing and interpreting information about a market. Managers from different firms can use consumer behaviour data to further develop and improve existing products to make it more attractive to the consumers or redevelop the products to increase revenue. - Reflection: As a firm, it is always important to gather information about what the market needs or want. The feedback loop is important for firms because a positive word of mouth can further promote the awareness of the firm with credibility. A marketing research was done in class.

Marketing also involves analyzing customer needs, securing information needed to design and produce goods or services that match buyer expectations, and creating and maintaining relationships with customers and suppliers. Marketing is essential to the success of any business. Its primary aim is to enable businesses to meet the needs of their customers and potential customers, whether then it’s for profit or not. To make my strategy successful for business it must: Ø Understand customer needs Ø Understand and keep ahead of competition Ø Communicate effectively with its customers to satisfy customer expectations. Ø Coordinate its functions to achieve marketing aims Ø Be aware of constraints on marketing activities I will also be considering the importance of developing and maintaining a relationship with its customers, potential customers and other stakeholders.

Primary research would include using questionnaires or interviews to gather information to find out if their customers are happy with their products or services. Survey methods include collecting data through mail, telephone, e-mail ... ... middle of paper ... ...thering information and research. A market researcher’s goal is to effectively practice and use research methods, collect data, and analyze feedback for meaningful interpretation. Companies that utilize the benefits of research and best understand their customers are likely to sell more products or services. The data collected is useful for the decision making process to achieve company objectives, problems, and goals.

It is information which is already available both inside and outside the business. When using secondary research, a company can study its own sales figures to examine possible trends in the market, or even analyse product requests from potential or existing customers. An organisation can also investigate their competitor’s products to aid them in designing more improved products at their own price which would generat... ... middle of paper ... ... There advantages and disadvantages to both types of market research. Primary research provides data that is up to date, relevant and specific to your products.

This is accomplished through market research, essentially using survey techniques, statistics, psychology and social understanding to help gather information on what consumers want and/or need, and then designing products, or services, to hopefully meet ... ... middle of paper ... ...rs per week. (Locke) Those entering the field must be able to work well under pressure and thrive off meeting deadlines and goals that are set. In some positions, substantial travel is not uncommon. In spite of the rigors associated with a career in marketing the outlook for the profession is bright. Marketing is a vital necessity not only for business firms, but is also needed and utilized by governments, educational, religious, social service, and nonprofit organizations or institutions.

Marketing is about value creation of the product or service, the more you add value, the more you will get competitive advantage in the competitions in the market. The purpose of marketing is to build and develop strong relationship with the customer in a specific customer segment. In today’s world of business marketing’s role is to provide differentiations of the products and services and capture a strong customers’ focus and build loyalty for long term business commitments. Understanding the core marketplace, identification of needs, want and demand of the customers and coordination of these tasks is the aim of marketing to satisfy the customers. Marketing can easily figure out the satisfaction criteria of the customers, market offerings and value of which customers are keen on.

The forces are existing competition between suppliers, threat of new entrants to the market, the bargaining power of buyers, the power of suppliers, and the threat of competitive products or services. This clearly seen as mentioned from the case that their partner Simpatico “run a number of affinity research groups, focusing on the behavior of its consumer.” With the used of this tool this result showed Hellers that the perception force of the buyer is important for the organization as basis for the strategies in marketing. Porter’s Five forces tool will give a total understanding of how their brands are shaping the industry that they are trading with. Another importance is aside from the consumer, suppliers also consider to ensure that they be able to sustain their targets of producing 350 tons of sausages in 80 different varieties a week with bacon, ham and other services. Ansoff matrix This model is essential for strategic marketing planning where it can be applied to look at opportunities to grow revenue for a business through developing new products and services or "tapping into" new markets.

Marketing Research Tools Most businesses are customer-driven and use marketing as a way to attract both current and potential customers by customizing their marketing mix. The marketing mix consists of the four P’s, which are product, price, place, and promotion. To create a successful marketing mix or even assess a current marketing plan, organizations are able to satisfy the needs of their customers through market research. Market research helps management with important decision-making and can help businesses develop strategies to achieve company objectives. There are two types of market research; secondary and primary research.

Businesses want information to make decision about their management as well as specify their strategy to survive in market. Managers need to access, develop, analyse and distribute information to help them making decision. Marketing research is the way to gather information in area that link to consumer to figure out what they want to contribute company opportunity in market as well as organization developing because of uncertainly market need. There is several method of marketing research that company can use for improve their products or services. Depending on analysis procedure, qualitative research and quantitative research are used to highlight.